I want to close out an inherited IRA account. How can I close the IRA inheritance as a beneficiary due to death of the owner without having to paying any taxes? I want to purchase first time home.

If you close out the inherited IRA by withdrawing money, you MUST pay state and federal income taxes on the money.

You are able to roll the money from the decedent's IRA into an IRA for yourself IF the decedent was your spouse.

If the decedent was NOT your spouse, you CANNOT toll it over and must withdraw the money within a set period, paying the taxes on the withdrawal.

You go to IRS.gov and look for the informatiom you need.

What is the IRS phone number

866-255-0654